Inox Green Energy Services, RJ Corp Acquire Skypower

Inox Green Energy Services Limited, the renewable energy arm of INOXGFL Group, has formed an equal joint venture with RJ Corp Limited to acquire SkyPower Services MENA Ltd. This partnership marks Inox Green Energy Services's first major international expansion into the African renewable energy market, where RJ Corp already has an operational presence. The immediate focus is to commission approximately 570 megawatts of renewable energy capacity in the first phase, part of a broader multi-gigawatt pipeline secured through the SkyPower Services MENA acquisition. Initial development targets Zambia, Zimbabwe, and the Democratic Republic of the Congo, with projects backed by sovereign guaranteed power purchase agreements expected to yield internal rates of return exceeding 20 percent. The joint venture aims to achieve 2.5 gigawatts of installed renewable capacity in Africa by fiscal year 2029, aligning with Inox Green Energy Services's global target of 10 gigawatts by fiscal year 2028. Inox Green Energy Services recently raised 3,100 crore rupees in equity from global investors including CalPERS and Sun Group.